Let’s be honest: when you hear “estate planning for millennials,” you probably picture some gray-haired guy in a suit signing papers in a fancy office—or someone with a mansion, a yacht, and a secret offshore account.
But guess what? Estate planning isn’t just for the rich, famous, or people inching toward retirement. If you’re a millennial (that’s roughly anyone born between 1981 and 1996), then you need a plan, too—and yes, that includes having a will before you hit 40.
It might sound a little grim, but stay with me. This is about protecting the life you’re building—your stuff, your money, your loved ones, and even your pets. And once you understand how easy and empowering it can be, you’ll wonder why you waited so long.
So, What Is Estate Planning, Really?
Estate planning is basically you taking charge of what happens if you’re no longer able to make decisions—whether because you’re seriously ill, injured, or, yep, gone.
It usually involves a few key documents:
A will – Who gets your stuff when you’re gone.
Power of attorney – Who handles your finances if you can’t.
Healthcare proxy or living will – Who makes medical decisions for you if you’re not able.
Guardianship decisions – If you’ve got kids or dependents.
Possibly a trust – Optional, but useful for managing your assets and avoiding court delays.
Learn more about Estate Planning
In short, it’s adulting on another level—but it’s all about making life easier for the people you care about, no matter where you’re at in your own journey.
Why Most Millennials Aren’t Planning for This
Let’s keep it real: most millennials haven’t created a will. According to a recent study, fewer than 30% of us have anything resembling an estate plan. That’s a lot of folks leaving their future (and their loved ones) in the hands of state laws and courts.
And it’s not because we don’t care—it’s because estate planning for millennials often feels out of reach. Between crushing student loan debt, rising rent, and trying to build a career or family, drafting a will seems like something you’ll get to “eventually.” But the truth is, eventually often turns into too late.
If you don’t decide who gets what—or who takes care of your kids or pets—someone else will. And spoiler alert: the government’s default plan for you is not tailored to your values or your loved ones’ needs.
Estate planning for millennials isn’t about preparing for the worst. It’s about taking control of the life you’re building right now. Whether you own a little, a lot, or something in between, having a plan in place is one of the most empowering, grown-up moves you can make.
Why the hold-up?
“I’m too young for that.” We get it. But tragedy doesn’t check your age.
“I don’t own enough.” You probably own more than you think (hello, savings, car, 401(k), crypto, and digital stuff).
“It’s complicated.” Not anymore—especially with tech making things easier than ever.
“I’m not married and don’t have kids.” That actually makes estate planning more important, not less.
Here’s Why You Should Have a Will Before 40
1. You’ve Got More Than You Think
Even if you’re not rolling in cash or owning property just yet, you likely have:
A car
A bank account (or three)
A retirement plan through work (like a 401(k) or IRA)
Maybe a life insurance policy
Your phone and laptop, which probably hold half your life
Your social media, PayPal, Venmo, or even crypto wallets
That collection of sneakers, camera gear, guitars, or gaming systems
Without a will, the law decides where all of that goes. And spoiler: it might not be where you would’ve wanted.
2. You’re Probably Taking Care of Someone
If you’re married, in a long-term relationship, a parent, or even just helping support your parents or a sibling, estate planning is a must. A will lets you:
Make sure your partner gets what you’d want them to—especially if you’re not legally married.
Name someone to take care of your kids or dependents.
Set up support for aging parents or loved ones.
Leave something behind for a cause or charity you care about.
Bottom line: it’s your chance to protect the people who rely on you now and in the future.
3. It Can Prevent Major Family Drama
When there’s no plan, things can get ugly. Family members may disagree, emotions can run high, and suddenly people are arguing over who gets your vintage watch or who’s in charge of your Instagram account.
Without a will:
The court decides everything.
The process can drag on for months (even years).
It costs your family a lot of money.
It causes unnecessary stress.
Taking a little time now saves your people a ton of confusion and heartache later.
4. You Decide Who Handles Everything—Not the Court
If something happened to you tomorrow, who would make medical decisions for you? Who would pay your bills? Who would take care of your dog?
If you don’t have a plan in place, the court steps in and picks for you—and it might not be the person you trust the most.
A power of attorney and healthcare proxy lets you choose:
Who handles your money and property
Who decides your medical treatment
Who advocates for your wishes if you can’t speak
This isn’t just for older people—it’s for everyone.
5. You’re Building Wealth, Even If It Doesn’t Feel Like It
Millennials are at a stage where financial growth is starting to take root. You’re probably:
Paying down student debt
Investing in a retirement account
Starting a side hustle
Buying a home or saving for one
Building credit or creating generational wealth
You may not be a millionaire (yet), but you’re making moves—and a will protects that progress.
What Happens If You Die Without a Will?
It’s called dying intestate, and it’s as messy as it sounds.
Here’s the short version:
The state controls your stuff and decides who gets what based on local laws.
Your unmarried partner may get nothing.
Your kids could end up with a guardian the court chooses—not you.
Your family might end up in long, expensive legal battles.
Your digital life (social media, emails, photos, etc.) could be lost or locked forever.
Sound like a nightmare? It kind of is. But it’s 100% avoidable.
But What If You’re Single, Child-Free, and Renting?
Even more reason to make a plan. If you don’t, your assets could end up going to distant relatives you barely know—or worse, sitting in limbo.
You should still decide:
Who gets your stuff (even if it’s “just” your savings and PlayStation)
What happens to your social media and digital life
Who takes care of your pet
What kind of end-of-life care you want (or don’t want)
This is about your voice being heard—even when you’re not around to speak up.
Getting Started: Estate Planning Without the Headache
Okay, now that you’re (hopefully) on board, let’s talk about how easy this actually is. You don’t need to be a lawyer or spend a fortune.
Step 1: List What You Own
Start with the basics:
What do you own? (Accounts, car, electronics, collectibles)
What do you owe? (Loans, credit cards, mortgage)
Do you have retirement accounts, investments, or life insurance?
What digital assets or businesses do you run?
Step 2: Decide Who Gets What
Think about who you’d want to inherit your stuff or step in if something happened. Write it down—even if it’s just a note on your phone to start.
Name beneficiaries for your:
Life insurance
Bank and investment accounts
Retirement funds
Anything with sentimental or actual value
Step 3: Pick the Right People
You’ll need to choose:
An executor (the person who carries out your wishes)
A guardian (if you have kids or dependents)
A power of attorney (handles your finances if you can’t)
A healthcare proxy (makes medical decisions for you)
Make sure it’s someone responsible, who knows you well, and can stay calm under pressure.
Step 4: Create the Paperwork
You’ve got options:
Use your employee benefits—some companies include legal help as a perk.
Hire a lawyer if your situation is more complex (like business ownership, blended families, or high-value assets).
Step 5: Review It Every Few Years
Life changes—so should your plan. Update your documents when you:
Get married or divorced
Have kids
Move to a new state
Buy a home
Have a big life or financial change
It’s Not Morbid, It’s Mature
Estate planning isn’t about being paranoid—it’s about being prepared and empowered. It’s not just paperwork; it’s a gift to the people you care about and a powerful way to make sure your voice is heard, even when you’re not in the room.
Estate planning for millennials is especially important because we’re in a unique season of life. Many of us are navigating career growth, side hustles, relationships, maybe starting families—or just trying to figure out what’s next. And in the middle of all that uncertainty, having a plan in place is one of the few things you can control.
You don’t have to be rich. You don’t have to be married. You don’t even have to own property. You just have to care about what happens to your life’s work—and the people in it. From your digital assets and bank accounts to your pets and personal wishes, estate planning gives you the power to protect what matters most to you.
And here’s the real talk: if you don’t make these decisions, the courts will. And they won’t consult your Instagram feed, your best friend, or your group chat. Estate planning for millennials is about putting intention behind your legacy—so the story of your life reflects your values, not someone else’s default.
So if you’re still thinking:
“I’ll get to it later…”
Do yourself (and your family) a favor: make later today.
If you’re a millennial and this all feels like a lot to tackle on your own—you’re not alone. That’s exactly why I created a workshop designed just for you.
Join us for a free Estate Planning Workshop for Millennials where we’ll break everything down in a way that’s clear, relatable, and actually useful.
